Best Buy to acquire Canadian retailer

Eden Prairie, Minn – Locally based Best Buy Co. is spending $377 million to acquire Burnaby, B.C.-based Future Shop Ltd., Canada’s No. 1 retailer of consumer electronics. Future Shop will operate as a separate Canadian subsidiary of Best Buy.

The move continues Best Buy’s expansion plans from last December, when it purchased Minnetonka, Minn.-based Musicland Stores Corp. and Seattle-based Magnolia Hi-Fi Inc., and announced it would open stores in Canada.